Starbucks (SBUX) reports Q2 earnings, raises forecast

Starbucks Inc. shares SBUX, +0.25% were up 2.6% in after-hours trading Thursday after the company beat earnings expectations and raised its full-year profit forecast. The company reported fiscal second-quarter net income of $663.2 million, or 53 cents a share, up from $660.1 million, or 47 cents a share, a year earlier. Adjusted earnings per share rose to 60 cents from 53 cents in the year-earlier period. Analysts surveyed by FactSet had been projecting 56 cents in adjusted EPS. Starbucks’ revenue rose to $6.31 billion from $6.03 billion a year earlier, whereas the FactSet consensus was for $6.32 billion. The company said that global same-store sales grew 3%. Starbucks now expects adjusted EPS of $2.75 to $2.79 for the full fiscal year, up from a prior forecast of $2.68 to $2.73. Shares have gained 20% so far this year, as the S&P 500 SPX, -0.04% has gained 17%.